Time left 1:08:43 Suppose that, following a decrease in the supply of good X, we observe that the price of goodY increases. If no other curves have shifted, which of the following can we infer? O A. None of the above. O B. Good X is an inferior good. O C. Goods X and Y are complements. O D. Goods X and Y are substitutes.
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- Time left 1:08:43 Suppose that, following a decrease in the supply of good X, we observe that the price of goodY increases. If no other curves have shifted, which of the following can we infer? O A. None of the above. O B. Good X is an inferior good. O C. Goods X and Y are complements. O D. Goods X and Y are substitutes.Consider a situation with two goods. Which of the following statements are true, which are false? If a good is a Giffen good, then it is an inferior good. O True O False A good is a Giffen good if the demand for this good decreases O True False when income increases. A good is an inferior good if the demand for this good increases when its price increases. O True FalseIf goods A and B are substitutes, an increase in the price of A will result in Select one: a. no difference in the quantity sold of either good O b. None of the answers are correct O c. increases the demand for O d. reduces the demand for B
- If butter and margarine are substitutes, an increase in the price of butter causes: Select one: O a. quantity demanded of margarine to fall and the demand curve for butter to shift toward the origin O b. quantity demanded of butter remains constant, but the demand for margarine decreases O c. the demand curve for both butter and margarine shift O d. decrease in quantity demanded for butter and an outward shift of the demand curve for margarineSuppose cauliflower and broccoli are substitutes in consumption. Suppose further that the price of cauliflower is increasing. Everything else held constant, consumer surplus in the broccoli market will and economic surplus in the broccoli market will, Select one: O A. increase; increase O B. increase; decrease Oc. decrease; decrease O D. be ambiguous; increase OE. decrease; increase OF. increase; be ambiguous O G. be ambiguous; decrease O H. be ambiguous; be ambiguous OL. decrease; be ambiguousThere is a negative relationship between the price of fuel and quantity demanded for cars, as these two goods are O a. Substitute goods O b. Normal goods Oc Complementary goods O d. Inferior goods Which of the following factors cause a contraction in quantity demanded for a commodity? O a. A rise in the price of the commodity O b. A decrease in the price of complementary goods Oc An increase in the price of its substitutes O d. An increase in the taste and preferences of the consumer for the commodity
- please give me correct and in correct answer explanationOther things remaining the same, the law of demand implies that: Select one: O a. as the price of a product increases, the quantity demanded of the same product decreases O b. as the price of a product increases, the quantity demanded of a substitute product decreases c. as the price of a product increases, the demand of the same product decreases demanded of a complementary product decreases O d. as the price of a product increases, the quantity demanded of a complementary product decreases By definition: a substitute is a good that: Select one: O a. has same likeness as another good O b. O c. of lower quality than another good O d. of higher quality than another good that is not used in place of another goodThe demand for a given good will decrease when the price of its substitute and the demand for a given good also decreases when the price of its complement Select one: O a. None of the provided answers are correct O b. rises; rises O c. falls; falls O d. falls; rises Assume a demand curve for coffee; Which of the following would NOT shift the demand curve for coffee? Select one: O a. an increase in wages O b. a decrease in the price of tea O c. price of coffee changes O d. a change in taste for tea
- Suppose that an increase in the price of X goods, leads to a decrease in the demand of good Y This would mean that X and Y are: Select one: O a. substitute goods O b. complementary goods O c. None of the answers are correct O d. normal goods.QUESTION 8 The demand for bicycles decreases by 10 as a result of an increase in the price of bicycles. The substitution effect alone would predict a decrease of 12 units. We can conclude that O a. Bicycles are a Giffen good O b. Bicycles are inferior goods OG Bicycles have a positive elasticity of demand with respect to income O d. Substitution and income effects have the same magnitude O e. None of the proposed answers is correctBest choice